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Technology has brought in the most dramatic change in the banking industry in hundreds of years, altering how banks communicate with their customers and even with one another.
The shape of existing retail banks is changing, owing to competition from fast, focused digital newcomers eating into revenue streams.
You may have heard the term “digital banking” whether you are a banker, an online shopper, a tech-savvy user, or even a frequent bank customer.
Digital banking services are those that a consumer can use on any internet-connected device, smartphone, or tablet. This method of consumer banking is much superior to going to a bank.
People have benefited from many convenient features and options provided by digital banking. The following are the top five features:
1. Online banking
The online banking feature allows you to bank whenever and wherever you want.
Except for the time required for website maintenance, website services for internet banking are available 24 hours a day, seven days a week throughout the year.
Most banks that offer online banking offer a variety of high-quality, technological solutions to make your banking experience simple and fast.
With a few exceptions, most online banking platforms provide the same basic functionality, and the majority of these services are offered free of charge to customers.
2. Personal finance planning
In today’s banking industry, there are many rivalries, and most banks want to have an advantage over their rivals to survive.
As a result, banks create sophisticated websites with a variety of banking options.
Loan calculators, premium calculators, financial planning software, tools to help evaluate finances, budgeting, forecasting, and tax preparation are just a few of the robust digital banking features on specialised websites.
This makes it simple for a customer to stay informed about a variety of features. As a result, the majority of financial planning can be completed without having to visit a bank.
3. Mobile banking options
A bank or other financial institution’s mobile banking service helps customers make financial transactions using a mobile device such as smartphones or tablets.
Unlike related internet banking, it uses financial institution-provided tools, commonly referred to as an app. Mobile banking is usually accessible 24 hours a day, seven days a week.
Banks have developed several sophisticated applications to assist with online banking from mobile devices.
Customers can now perform online banking from any location and at any time.
4. Unified Payment System (UPI)
Depositing money into a person’s account used to be a big pain.
To make a deposit, one had to go to the bank’s nearest branch and fill out a deposit form. He or she had to get in line to pay until the procedure was completed. This was a time-consuming and inconvenient operation.
Furthermore, to ensure that the deposit was made, the account balance had to be checked.
Customers can now conduct business using their mobile phones from anywhere and at any time of day. Customers can now move money from one account to another with ease, thanks to the integration of the Unified Payment System (UPI) and digital banking solutions.
5. Digital wallet
Gone are the days when people had to bring cash with them when they went shopping. Mobile wallets (m-wallets), also known as virtual wallets, are becoming increasingly common. You can pay with these mobile wallets simply by using your smartphone.
M-wallets have become more common after demonetisation. Digital wallets are one of the most innovative technological advancements.
Millions of people use these user-friendly e-wallets to make payments.